Gardner Denver Shares Gain in Debut

May 12, 2017Eunice Kempton

Shares of Gardner Denver rose 4% on their first day of trading on the New York Stock Exchange on Friday after the company priced late Thursday its initial public offering of 41.3 million shares at $20 apiece. Underwriters were granted a 30-day option to buy up to an additional 6.2 million shares, the provider of mission-critical flow control and compression equipment and associated aftermarket parts said.

Gardner Denver said it will receive net proceeds of approximately $781 million after deducting underwriting discounts and commissions and intends to use the net proceeds to redeem all $575 million aggregate principal amount of its 6.875% senior unsecured notes due 2021, to repay $160 million of borrowings under its senior secured dollar term loan facility and to pay certain expenses relating to this offering.